Foreign business news in brief

HONG KONG: Bank of East Asia (BEA) may consider spinning off some assets into a company that could list here or China, The Standard reported, quoting chairman David Li. 

Li said BEA may consider grouping some of its assets into a separate unit, but did not elaborate as to the type of assets that would be injected or when the unit would seek a listing. – AFX-Asia 



SEOUL: South Korea will begin test production this week at its first gas field off the east coast after six years of development that cost US$300mil, officials said. 

The state-run Korea National Oil Corp said trial production would begin tomorrow, with commercial production expected in July. – AFX-Asia

For Another perspective from The Korea Herald, a partner of Asia News Network, click here




HONG KONG: Softbank Investment International (Strategic) Ltd said it is acquiring a 50% stake in iMediaHouse Asia Ltd for HK$47mil. 

The Hong Kong-listed investment company said it would pay about HK$23.4mil in cash and issue 198 million shares to iMediaHouse at 11.8 HK cents each. – AFX-Asia 



TOKYO: Ajinomoto Co Inc, Japan's largest seasoning manufacturer known for monosodium glutamate, said it will establish a new frozen foods company, aiming to strengthen its business in this field. 

It said details of the new company would be disclosed at a news conference on April 5. – AFX-Asia

For Another perspective from The Daily Yomiuri, a partner of Asia News Network, click here




BEIJING: Singapore-based clothing manufacturer Crocodile International will relocate its headquarters to Shanghai this year and boost its production capacity, the China Daily reported. 

Crocodile International will spend more than 100 million yuan building a new office, which will also be the headquarters for Shanghai Eastern Crocodile Apparels Co Ltd. – AFX-Asia

For Another perspective from the China Daily, a partner of Asia News Network, click here




SYDNEY: Construction and contracting firm Lend Lease Corp said it will go ahead with the development of the third tower in the Darling Park office precinct in Sydney's Darling Harbour, having secured a major lease agreement with Marsh and Mercer, part of the Marsh and McLennan group. – AFX-Asia

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SEOUL: Hyundai Motor Co said its March vehicle sales rose to 185,588 units from the year earlier's 159,739 on increased exports. 

Exports grew 44.9% year-on-year to 140,230 units in March, the largest figure so far this year, boosted by robust sales of overseas operations in India, China and Turkey as well as stronger demand from Europe. 

Domestic sales, however, dropped 27.9% year-on-year to 45,358 units on continued sluggish domestic consumption, but they were up 1.7% month-on-month thanks to the rollout of the new Tocson sports utility model. – AFX-Asia

For Another perspective from The Korea Herald, a partner of Asia News Network, click here



SEOUL: Kia Motors Corp said it sold 98,790 vehicles in March, up 23.2% from 80,193 a year earlier and up 19.6% from 82,567 a month earlier, with its monthly exports hitting an all-time high of 75,158 vehicles. 

It said domestic sales stood at 23,632 vehicles, down 23.8% from a year earlier, but up 9.1% from a month earlier. Exports grew 52.9% year-on-year to 75,158 units, a 23.4% growth from a month earlier. – AFX-Asia

For Another perspective from The Korea Herald, a partner of Asia News Network, click here


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